All Things Reparations... for Descendants of US Chattel Slavery (1 Viewer)

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    The study, released this week by Citigroup, is the latest in a body of research that attempts to quantify the economic impact of systemic racism. Citigroup arrived at its $16 trillion figure after estimating that:

    • Black workers have lost $113 billion in potential wages over the past two decades because they couldn't get a college degree.
    • The housing market lost $218 billion in sales because Black applicants couldn't get home loans.
    • About $13 trillion in business revenue never flowed into the economy because Black entrepreneurs couldn't access bank loans.
     

    The Samuel DuBois Cook Center on Social Equity at Duke University and the Nathalie P. Voorhees Center at the University of Illinois-Chicago sought to calculate the amount of money extracted from black homeowners on the city's South and West sides from home contract sales. The report is titled "The Plunder of Black Wealth in Chicago: New Findings on the Lasting Toll of Predatory Housing Contracts."

    Contract buying worked like this: A buyer put down a large down payment for a home and made monthly installments at high interest rates. But the buyer never gained ownership until the contract was paid in full and all conditions were met. Meanwhile, the contract seller held the deed and could evict the buyer. Contract buyers also accumulated no equity in their homes. No laws or regulations protected them.

    Home contract sales were a ruthlessly exploitive means of extracting capital from African Americans with no better alternatives in their pursuit of homeownership, the report said. Contract loans were rampant all over the West Side — in East Garfield Park, West Garfield Park and North Lawndale — but also in Englewood on the South Side.
     
    This needs to happen on the federal level. But bravo California.



    “California will become the first state in the nation to disaggregate data for its Black population by ancestry/lineage,” Moore posted on her Twitter page on May 13. “This will assist the task force in our efforts to develop comprehensive reparations proposals for descendants.”
     

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